The collecting of two to three years’ worth of rent in advance by property owners, according to Babatunde Fashola, Minister of Works and Housing, is doing more harm than good to Nigeria’s economy.
Fashola, who stepped up the campaign for monthly rent payments throughout the nation, tasked state governments with finding ways to make it simpler and more pleasant for both tenants and landlords to pay their rent.
The minister revealed this in his speech at the 11th national council meeting on lands, housing, and urban development in 2022, which took place in Sokoto State.
In his speech at the event, which was held in Abuja, Fashola said, “I concede that majority of the houses belong to the private sector and they expect legitimate income from rent for the properties.
“However, I hold a strong view that asking for two to three years rent in advance from working class people (as distinct from corporate tenants who may prefer to pay in advance) does more harm than good to all concerned and to the economy.
“Interestingly, rent is a matter over which the Federal Government has no constitutional authority because it is a local matter and rightly so.
“But I use the platform of this meeting to challenge and provoke all state representatives to thoughts and action about how we can make the payment of rent easier and comfortable for both tenants and landlords.”
